Quick Highlights
- The Sandbox to cut 50% of staff and revamp leadership.
- Platform suffers low engagement despite $300M in funding.
- New Base blockchain memecoin platform expected soon.
The Sandbox to Slash Workforce and Revamp Leadership Amid Low Engagement
Metaverse platform The Sandbox is set to cut more than 50% of its team and undergo a major leadership change, The Big Whale co-founder Gregory Raymond announced.
According to Raymond, project co-founders Sebastian Borges and Arthur Madrid no longer hold management positions. They will be replaced by Animoca Brands CEO Robbie Young, who will now lead The Sandbox.
Overall, the company plans to lay off more than half of its 250 employees and close offices in Argentina, Uruguay, South Korea, Thailand, Turkey, and soon in Lyon.
Low User Engagement Drives Radical Overhaul
Raymond explained that the sweeping changes are a response to low platform engagement. Despite $300 million invested over the past eight years, The Sandbox now has just a few hundred daily active users — most of which are bots.
The co-founder also revealed that a new platform for memecoins on the Base blockchain is expected to launch soon, signaling a strategic pivot for the company.
SAND Token Struggles Amid Shakeup
The SAND project token has fallen about 97% from its all-time high and is currently trading near $0.28, reflecting investor concerns over the platform’s declining activity.
The changes mark a critical moment for The Sandbox as it seeks to regain momentum and reshape its role in the evolving metaverse landscape.
Source: https://coinpaper.com/10765/half-of-the-sandbox-team-out-as-platform-faces-low-engagement
